Page 4 - Latest Updates on Gensol-Blusmart saga

Crisis deepens as more directors resign amid Gensol fund diversion case

Gensol crisis: The fallout stems from a Sebi order accusing Anmol Jaggi and his brother Puneet of misusing public funds

Best of BS Opinion: Why India needs wide-ranging regulatory reforms

Today's opinions track regulatory practices and reforms that are required across key sectors of the Indian policy-scape.

Governance matters: Startups need strong, independent boards for growth

With Gensol, and its consumer-facing sister company BluSmart, coming under the Sebi lens, the list of startups caught on the wrong side of the law has grown longer

Gensol Engineering independent director Arun Menon quits amid Sebi probe

Arun Menon resigns as independent director of Gensol Engineering, a day after Sebi barred the firm and its promoters over alleged fund diversion and governance lapses

Gensol tumbles another 5% on Sebi crackdown; stock down 84% this year

From its peak of ₹1,376 apiece in early February, the stock has fallen by nearly 90 per cent

Electric ride-hailing co BluSmart halts cab bookings amid Gensol crisis

Sources also confirmed that the Uber and BluSmart deal is being re-evaluated

BluSmart halts bookings in NCR, Bengaluru as Sebi probes fund diversion

BluSmart co-founder Anmol Singh Jaggi has been accused by Sebi of diverting ₹26 crore from Gensol for personal expenses, including transfers to linked entities

DLF Camellias flat for ₹43 cr, ₹6.2 cr to mother: Where Gensol funds went

Sebi accuses Gensol promoters of siphoning sanctioned EV loan funds to luxury purchases, stock trading, and unrelated ventures through circular transactions and connected firms

Stocks to Watch Today, April 16: IndusInd Bank, ICICI Lombard, IREDA

Stocks to Watch Today, April 16: IndusInd Bank, Adani Total Gas, ICICI Lombard, IREDA are some of the top stocks to watch today

Sebi bars Gensol Engineering promoters for alleged fund diversion

Regulator will appoint a forensic auditor to examine accounts

Sebi bans Gensol Engg, promoters from securities mkt in fund diversion case

The regulator has also debarred Anmol and Puneet Singh Jaggi from holding the position of a director or key managerial personnel in Gensol until further orders

BluSmart not for sale; its total debt at all-time low: Anmol Jaggi

Jaggi elaborates on financing plans, the issues under investigation, and the way forward

Gensol Engineering to raise Rs 600 cr via FCCBs, promoter warrants

Gensol Engineering on Thursday announced plans to raise Rs 600 crore through the issuance of foreign currency convertible bonds and warrants. The move aims at achieving sustainable growth, reducing debt, and maximising value for its stakeholders, the company said in an exchange filing. The Board of Directors, in its meeting held earlier today, has approved fundraising initiatives amounting to Rs 600 crore, aimed at significantly enhancing its financial standing, the company said. While Rs 400 crore will be raised through the issuance of Foreign Currency Convertible Bonds (FCCBs), and Rs 200 crore by issuing warrants to promoters. Currently, Gensol Engineering has a debt of Rs 1,146 crore against reserves of Rs 589 crore, resulting in a debt-equity ratio of 1.95. After the Rs 600 crore fundraise, the company's reserves are expected to increase to approximately Rs 1,200 crore. With Rs 615 crore of divestments underway, the company's debt will be reduced to approximately Rs 530 ...

Gensol Engineering slides for 13th straight day, stock down 65% in 2025

The counter has fallen by 65 per cent so far this year and by nearly 80 per cent since its previous peak in February last year

Gensol Engineering shares plunge 50% in 12 days; rating downgrades weigh

Gensol Engineering share: The board of directors of the company will meet on Thursday, March 13, 2025, to consider and approve fund raising plan and stock split

Stocks to Watch, March 11: IndusInd Bank, Gensol, BEL, Syngene, NTPC, FSL

Stocks to Watch Today, March 11, 2025: IndusInd Bank share price will be in focus today after the bank reported discrepancy in derivative trade. This comes after the CEO got just a one-year extension

Gensol Engineering tanks 58% in 1 month; promoters offload 2.37% stake

Gensol Engineering share price was down 4% to Rs 308 on the NSE in Monday's intra-day trade after the promoter of the company, on Friday, March 7, sold 900,000 shares or 2.37% stake via open market

Gensol Engg share price tanks 35% in 3 days on downgrades by CARE, ICRA

ICRA has learnt that certain documents shared by Gensol Engineering with the rating agency, on its debt servicing track record, were apparently falsified

Smallcap tanks 20% on heavy volumes today; plunges 63% from 52-week high

Gensol Engineering share price dragged after CARE Ratings downgraded the company's ratings on long-term and short-term loan facilities to 'default' category

Gensol Engineering to sell US arm Scorpius Trackers for Rs 350 cr

Gensol Engineering on Tuesday said it has inked a pact for sale of its US subsidiary Scorpius Trackers Inc for Rs 350 crore to a major renewable energy solutions provider in the US. The deal includes the transfer of exclusive and global intellectual property (IP) rights (except India) for Scorpius Trackers' advanced solar tracking technology, the company said in a statement. According to the statement, Gensol Engineering -- a leading player in India's renewable energy sector -- has signed a non-binding term sheet for a Rs 350 crore strategic transaction involving the sale of its US subsidiary, Scorpius Trackers Inc, to a major renewable energy solutions provider in the US. This transaction underscores Gensol's strategy to monetise high-value assets, unlock capital from its subsidiaries, and reinvest in its core growth areas, strengthening the company's financial position, it said. The deal will be completed in two tranches, with full closure expected by March 2026, subject to due .